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PCP with no credit score- help!

  • 10-02-2018 9:51pm
    #1
    MaloryB
    Registered Users Posts: 24 ✭


    Hi all,

    Looking for some advice on the situation with credit scores in Ireland. We moved from the UK last September and had no problem renting and, aside from all the bureaucracy, opening bank accounts and getting utility bills etc. sorted. But we don’t want to rent long-term and we would like to get a car on a PCP. We’re just in the process of applying for a credit card and wondering how likely it is that we’ll be accepted for this. We’ve both got good credit ratings in the UK, everything has always been paid in full and on time and we’ve a credit card each there and have had a car on a PCP.

    It’s so dispiriting to think we have to start from scratch, so I was wondering if we do? Is there any way at all of getting Irish lenders to take a British score into account? And if not, how likely are we to get a PCP (mortgage is less urgent) with no credit history? Just as background, my husband is a high earner, I’m staying at home with our little boy at the moment, and we live in a reasonably affluent area (that can affect your score in the UK apparently).

    We’d probably want to put a 15% deposit on a fairly large car. The dealership has said they can do the credit search for us but I’m concerned that in the UK a hard search leaves an imprint on your file and I’m not sure we can afford that when we’re just getting it established.

    Any advice appreciated. Thanks!


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 83,080 ✭✭✭✭Atlantic Dawn
    M


    PCP is relaxed compared to getting a loan, once you are not a massive defaulter you should be fine.


  • #3
    MaloryB
    Registered Users Posts: 24 ✭MaloryB


    Atlantic Dawn wrote: »
    PCP is relaxed compared to getting a loan, once you are not a massive defaulter you should be fine.

    Thanks, that’s really encouraging! Do you know how they’ll be able to tell that we haven’t defaulted though? Will they check with a British credit reference agency?


  • #4
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    MaloryB wrote: »
    Thanks, that’s really encouraging! Do you know how they’ll be able to tell that we haven’t defaulted though? Will they check with a British credit reference agency?

    They'll check the icb

    You can get a full copy of your irish credit report for six euro on icb.ie


  • #5
    MaloryB
    Registered Users Posts: 24 ✭MaloryB


    Stheno wrote: »
    They'll check the icb

    You can get a full copy of your irish credit report for six euro on icb.ie

    Thanks...but presumably there won’t be anything on it? All we’ve done here in terms of finance is set up bank accounts, pay rent and utility bills. No credit at all


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